The used car market broke multiple price and stock availability records in the third quarter, finds car auction group, Aston Barclay
During the three months under review, the number of ex-fleet cars being auctioned fell to a record low with just one in four used cars being sold.
The fall was largely due to contract hire firms’ decision to have a third of their fleets on an extended contract.
The lack of stock availability pushed fleet prices by 3.4% in the third quarter to a record high of £15,808.
Average age and mileage remained consistent at 40.9 months and 32,951 miles, the report said.
Prices of late and low used cars also broke records during the period by increasing 3.2% to a high of £24,695 even as the average age increased from 14.2 to 16 months and average mileage rose from 11,419 in Q2 to 12,517 miles in Q3.
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For the first time in many months, stock levels in Q3 were up by 6% of disposal volumes and conversion rates were the highest out of any market sector.
In the electric vehicle segment, prices were at £31,378 and EVs made up 6.2% of the used cars sold during the quarter, which was another record.
Aston Barclay chief revenue officer Mark Hankey said: “It is great to see so many records broken in Q3, but it does not hide the fact the market is still short of stock which is contributing to these record highs and lows.
“Despite 225,000 new cars being registered in September we have yet to see many of these dealer part exchanges, or de-fleeted company cars reach the used market. Dealers tend to be hanging onto the majority of their part exchanges to retail.
“They have had to change their stocking strategy to fit in with the market which has resulted in them offering a much wider stock range than ever before.
Last month, Aston Barclay partnered with dealer management services (DMS) provider Navigator.